Max New York Life to open 90 offices

PTISep 26, 2007, 03.40pm IST

CHANDIGARH: Insurance provider Max New York Life Insurance today said it would open 90 offices in the country this year as part of its exercise to have pan-India presence.

The company, a joint venture between Max India Ltd and New York Life, further plans to increase the strength of its insurance advisors by 7,000 during this year in order to penetrate the growing Indian market for the insurance sector.

"We have plans to open 90 offices in the country this year," Max New York Life Insurance Co Senior Vice-President (Head-Agency) Kenneth Sanno told reporters here today.

Presently, the company has 173 offices across 120 cities in the country. In Punjab, the company has 31 offices including 8 hub offices in Patiala, Bathinda, Sangrur, Phagwara, Hoshiarpur, Gurdaspur, Nawanshahar and Moga and 23 spoke offices at tehsil level, fully dedicated to rural sector.

To support its plans of achieving 100 per cent growth in terms of premium collection, the company has decided to recruit 7,000 more agents this year. "We will be increasing the strength of our insurance agents to 35,000 from 28,288 at present as they will play a key role in achieving our growth plans," Sanno said.

The company having paid up capital of Rs 732 crore, has so far sold 17.5 lakh insurance policies with total sum assured of Rs 53,656 crore.